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    ADE   NO0010844038

ADEVINTA ASA

(ADE)
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Adevinta revamps growth strategy as Q3 lags on car woes

11/25/2021 | 03:20am EST

* Q3 revenue EUR 386 mln vs poll 406 mln

* EBITDA EUR 127 mln vs poll 136 mln

* Completed purchase of eBay classifieds unit in June

* Sets new growth, margin goals

* Shares down 5.9%

OSLO, Nov 25 (Reuters) - Norway's Adevinta, the world's largest classified ads company, posted on Thursday a smaller-than-expected rise in third-quarter revenue, hampered by weakness in the autos segment, which it said will continue into next year.

Following its recent $13 billion takeover https://www.reuters.com/business/adevinta-ebay-clear-final-hurdle-13-bln-advertising-tie-up-2021-06-18 of eBay's classified ads unit, Adevinta said it now plans to concentrate its business around fewer countries, primarily in Europe, and will invest more heavily in those markets to boost growth.

Adevinta's July-September revenue rose 6% year-on-year to 386 million euros ($432.7 million), lagging analysts' average forecast of 406 million euros, according to Refinitiv data.

The company's shares fell 5.9% by 0806 GMT.

A shortage of semiconductors has constrained global car production this year, hampering sales and, in turn, advertising. Adevinta's German unit Mobile.de saw a 3% revenue decline in the third quarter, compared to last year.

Adevinta's earnings before interest, tax, depreciation and amortization (EBITDA) declined 7% year-on-year to 127 million euros in the third quarter, lagging the 136 million euros expected by analysts, according to Refinitiv.

The company on Thursday set a goal of growing by 15% in the mid-to-long term, but said this would not be met next year.

"In 2022, assuming a gradual recovery in the motors market in the second half, we expect core markets revenue growth to be low double-digit," Adevinta said in its earnings report.

Adevinta now plans to concentrate on five European markets - Germany, France, Italy, Spain and the Benelux nations - and divest operations in Australia and South Africa next year.

"These are markets where we have strong positions and where we see possibilities for faster growth," Chief Executive Rolv Erik Ryssdal told Reuters.

"Canada, Mexico, Hungary and Belarus have been put up for review. These are smaller operations, but we need some more time to conclude," he said.

However, Adevinta will keep its joint ventures in Brazil, Austria and Ireland. It set a mid-to-long term goal of an EBITDA margin of 40-45%, up from 33% in the third quarter. ($1 = 0.8920 euros) (Reporting by Terje Solsvik; editing by Uttaresh.V and Emelia Sithole-Matarise)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADEVINTA ASA -0.78% 108.15 Real-time Quote.-7.08%
EBAY INC. 0.27% 63.45 Delayed Quote.-4.59%
SCHIBSTED ASA -0.13% 299 Real-time Quote.-11.97%
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Analyst Recommendations on ADEVINTA ASA
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Financials
Sales 2021 1 261 M 1 439 M 1 439 M
Net income 2021 62,8 M 71,6 M 71,6 M
Net Debt 2021 2 311 M 2 636 M 2 636 M
P/E ratio 2021 673x
Yield 2021 0,04%
Capitalization 13 330 M 15 299 M 15 208 M
EV / Sales 2021 12,4x
EV / Sales 2022 8,64x
Nbr of Employees 3 917
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 109,00 NOK
Average target price 158,45 NOK
Spread / Average Target 45,4%
EPS Revisions
Managers and Directors
Rolv Erik Ryssdal Chief Executive Officer
Uvashni Raman Chief Financial Officer
Orla Noonan Chairman
Renaud Franck Bruyeron Senior Vice President-Product & Technology
Sophie Constance Javary Independent Director
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